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The uh, the setup for cardano and we're achievingthat now because of the architecture, but you knowreddit, won't agree, telegram, won't agree. Twitterwon'T, agree, guys it's noise and it's fud all rightwelcome back everybody to altcoin daily. My name'saustin. You are being lied to about cardano andi'm, not gon. Na take it, you see on this channelthe reason that you subscribe is because wedrop a video every single day, demystifying thiscryptocurrency market, so you can make the bestdecision possible for you, so in today's videoi want to play you, this very important, clipof charles hoskinson himself, clearing up The fudas well as share the most recent news, which youshould know as a cardano holder, like always checkthe timestamps down below in the video descriptionhit, the like button and, let's jump in thereis a suspicious amount of new cardano fuddin.
This run run-up to the september 12thupgrade of smart contracts for cardano. Youprobably noticed this. If you're on social mediait seems like a lot of low karma profiles, haveall gotten together, starting the rumor that dappson cardano can only do one operation per blockthat is absolutely not true. It'S fud andpeople should be aware of. What'S happeningso, these seem to either be bot accounts or acoordinated effort by other crypto.
Communitieseach of these posts are full of comments. Likeyeah just tried. The test net doesn't work, whenyou click their profile, it's people who have onlybeen on reddit. For one or two days, but for somereason still dabble on the cardano test net superfake anyway, regarding the fud it is coordinatedit is big and it is expensive and nobody does thatwithout a reason they want your coins for cheap sobeware and by the way, today's video has Nothing todo with price price could do anything. Cardano isup over a thousand percent this year, nothing wrongwith taking profits, but getting back on point andbefore, i play you that clip of charles hoskinsonwhy.
Are we seeing why now this coordinated fuddand? Let me show you an example: just from one dayago cardano, smart contracts unusable for defyso, apparently early d5 projects running on thecardano test net are not able to properly operatedefy transactions due to the limitations. Thatcardano has which only allow one transaction toprocess per block wow, and i can prove to you thisis fud, by looking at the account - and here it islike this right now. This is his account. We can seefirst off his most recent post.
I guess he's a bigsolana guy he's trying out solana nfts, we scrolldown a little and whoa hey, wait a minute whatis this in multiple different subreddits. He isattempting to post positive things about polka dotand kusama he's in the polka dot camp and by theway. Nothing is wrong with that. I like cardano, ilike polka dot, but the point is there does seem tobe a clear conflict of interest from these postsi mean. What do you think give me yourthoughts down below in the comment sectionbut moving forward.
Let me play you. This 5 minuteclip, which is very valuable. This is charleshoskinson himself addressing fun like this listento him explain how different communities in thisindustry dismiss cardano and fud cardano becauseit's, not their community. They cite vanity metricswhen. They should be looking at the underlyingprotocol in this five minute.
Clip listen, tocharles talk about the cardano computing, layerthe considerations for the design layer and ifjust in general you're asking why cardano charlesexplains it's because of the stability of the basefoundation. This is a longer clip butit's worth it keep listening, watch thisthe problem our industry has. Is they basicallysay? Well, if you don't support my thing or i can'tsee a way to make my thing work, what you haveconstructed is absolutely useless forever, uselessand, it's just a toy and then they use vanitymetrics, not even understanding what they're sayinguh you're. Only at this performance level, youonly do well increase the block size.
Oh wellokay. They don't really understand how all thesecomponents are interconnected to each other andor operate with each other. What they really don'tunderstand is the single hardest thing to do. Andthis is what bitcoin solved and it's. Why it'sworth a trillion dollars is the establishmentof a root of trust.
What cardano has done is bethe largest proof-of-stake system in the worldwith. An efficient root oftrust with a beautiful modelthat will make it easy to roll out computationlayers. This was the goal that we wrote. Downi actually wrote the paper, but you know this righthere. Why?
Cardano back in 2016, I said we want tohave this idea of a computation layer, we wantto design in layers. This is the notion we needwe need to somehow figure this out and it was ahumongous technical challenge and there were alot of moving pieces to it and what we've done iswe've basically figured that out and now it's justa matter of deciding the most efficient connectionprotocols implementing things. Like mithril and nowbecause, we have stable foundation, we can work inparallel, different teams can do things, competingteams can do things and, by the way, competing teamswas one of the design principles that we haveyou know a heavy use of interdisciplinaryteam and infosec fast iterationcompeting teams. These were some of the designgoals that we had uh inside uh inside this uhthe uh, the setup for cardano and we're achievingthat now because of the architecture but youknow reddit won't agree, telegram, won't agreetwitter won't agree, guys it's noise and it's fudit is one of the hardest Things in the worldto build a truly scalable distributed. Systemthat is decentralized and admits byzantine actorsand.
To make that system programmable. It'S so hardthat the bitcoin community for over 12 yearshas been trying to figure out how to do thatin a way that they consider to be safe. We as aproject, took an enormous amount of inspirationfrom the successes of bitcoin and the successes ofethereum, and a lot of the ideas that have come: outof, the third generation and what we tried to do. Isput, together a representative sample of the bestthings that we think, for example, most ofthe flaws that we see in d5 and historicallyethereum smart contracts come in trying todeal with complicated financial arrangementsthat's. Why we created a dsl to make those simpleand safe.
You need to admit that there's a worldoutside of your system, so you need the ability, tobatch and match and process off chain. So we builtthat right into the system and into the languageand we're showing people how to do that with theplutus pioneers program and all these applicationsare coming up with that. We wanted to connect tothe, formal methods and high assurance world, so wechose a functional language. As the entry point, sothat there'd be a significantly easier and lowercost path to do that level of verification, becausethere's, so many hacks and flaws and other suchthings concurrency comes. Naturally, it comes eitherwith off chain interactions, state channels, itcomes with concurrent state machines and there'sways to do that.
They can be brought in it. Comeswith, clever, load, balancing of different utxosyou know linking them together with nfts there'sall kinds of design patterns that you can doand. We spent the money to bring in differentindependent development firms to build thingsbecause. Those firms are going to solve thingsa different way and they make that codeavailable to all of you, not in six years, butthis month and next month and the month afterand. There'S a stack exchange card on stackexchange people can ask questions and if youstill don't like the model.
Well then, just takethe other model that you guys like there, you goand just live in that model and all thattooling is reusable, but the difference is theyrun on proof of work right now and they're superexpensive, and we're going to run on obft right, nowthat's kind of like What binance smartchain isdoing it's a lot: cheaper, okay, everybody gets acow, everybody gets a chicken chicken in every potthat's. The way we built the damn thing: okay, andwhat we're shipping on the 12th is a massivemassive upgrade because you can now have fullprogrammability. You now have spending policyyou. Now have interoperability, we can do stablecoins, you can do marlow. These things all will comenaturally and yes, dexes will be here, yes, oracleswill be here and they'll certainly have all kindsof cool features and functionality.
There. None ofthis was possible before plutus existed and nowthat. It does all of these things are possibleokay, you don't throw out all the innovations ofthe last 12 years. You don't throw out the conceptof a blockchain and what bitcoin is accomplishedin that methodical pace. You don't throw outall the security models that have beenpainstakingly figured out.
You don't throw out allkinds of stuff just because some junior developercan't figure out how to do something. What you haveto do is you have to teach them and you have toshow them and you have to build the infrastructureyou have to build the tools you have to buildthe. Abstractions, you have to build the servicesthat's the power of cardano. I like it, give meyour thoughts down below in the comments sectionbut. I guess my general takeaway is always doyour own research, never just trust the headlinesdo.
Some digging also remember that september 12thsmart contracts for cardano. That'S not the finishline. In my opinion, that is the starting linethat's. When we really see when we can reallysee the potential that the cardano ecosystemcould be, but also at the same time nothing wrongwith taking profits. Cardano is up over a thousandpercent this year, like i said you'll.
Never regrettaking a little profits, but that is the videomy name is austin. Like always see you tomorrow,
